Oil prices surged more than $4 per barrel after former President Donald Trump declared the United States would continue military strikes on Iran, including against energy infrastructure, without specifying an end date. The announcement triggered a sharp rally in global crude markets, with Brent futures jumping $4.88 to $106.04 a barrel, while US West Texas Intermediate rose $4.17 to $104.29. The gains reversed earlier losses, as investors reacted to the escalation of hostilities in the Middle East and the potential for prolonged disruption to oil supplies. Trump's statement, delivered in a speech on February 4, 2026, indicated that upcoming operations would target Iranian oil facilities, a significant shift from previous military actions focused on defensive or retaliatory measures.
Australian Prime Minister Anthony Albanese responded by questioning the purpose and endgame of the ongoing conflict. He stated that the original objectives of the war in Iran had been achieved and expressed uncertainty about what further goals remained. "Now those objectives have been realised it is not clear what more needs to be achieved or what the end point looks like," Albanese said. His remarks signal growing international concern over the lack of a defined strategy for concluding the conflict, even as military actions expand in scope. The combination of sustained US strikes and rising geopolitical uncertainty has intensified volatility in energy markets.
When Trump says strikes on Iranian oil targets will continue without a timeline, that means the White House is betting on economic pressure over diplomacy — and betting that global markets will absorb the shock. Albanese's public doubt reveals a widening rift among Western allies over whether the mission has shifted from containment to regime destabilisation. With oil already above $106, every escalation tightens the squeeze on energy-importing economies, including Nigeria's fragile recovery. This isn't just a Middle East crisis — it's a test of how long the world can afford Washington's open-ended confrontations.
